Mitsubishi UFJ Trust & Banking Corp Decreases Stock Position in KeyCorp (NYSE:KEY)

Mitsubishi UFJ Trust & Banking Corp cut its holdings in KeyCorp (NYSE:KEY - Free Report) by 10.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 410,140 shares of the financial services provider's stock after selling 45,861 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in KeyCorp were worth $7,030,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Potentia Wealth acquired a new stake in shares of KeyCorp during the fourth quarter worth $377,000. PKS Advisory Services LLC acquired a new stake in KeyCorp in the fourth quarter valued at $214,000. Modern Wealth Management LLC acquired a new stake in KeyCorp in the 4th quarter valued at about $184,000. Prudential Financial Inc. grew its holdings in KeyCorp by 40.5% during the fourth quarter. Prudential Financial Inc. now owns 1,125,155 shares of the financial services provider's stock worth $19,285,000 after purchasing an additional 324,279 shares during the period. Finally, Corebridge Financial Inc. raised its stake in KeyCorp by 1.7% in the 4th quarter. Corebridge Financial Inc. now owns 234,254 shares of the financial services provider's stock valued at $4,015,000 after acquiring an additional 3,834 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on KEY. Truist Financial reduced their price target on KeyCorp from $19.00 to $18.00 and set a "hold" rating on the stock in a research report on Friday, March 21st. Morgan Stanley reduced their price objective on shares of KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods cut their price objective on shares of KeyCorp from $22.00 to $21.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 22nd. Finally, Citigroup lowered their price objective on KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.42.

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KeyCorp Stock Up 1.8 %

Shares of KEY stock traded up $0.28 during trading hours on Wednesday, reaching $16.08. 12,579,270 shares of the company's stock were exchanged, compared to its average volume of 12,595,201. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The stock's fifty day moving average price is $16.85 and its two-hundred day moving average price is $17.42. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The stock has a market cap of $17.77 billion, a PE ratio of -53.60, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.10%. KeyCorp's payout ratio is -273.33%.

KeyCorp announced that its Board of Directors has initiated a share buyback program on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, the director now owns 162,983,726 shares of the company's stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.61% of the company's stock.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.